According to your yield opportunities, you may decide of a more or a less developed forecasting tool. You may also consider Computerized - Revenue Management System. Here some examples of hotel forecasting tools in exel.
You should aim at 5% maximum (+/-) variance for the next month, variance between your forecast and the actual results. Take the time to analyze the variances to understand, learn and improve your hotel forecast and revenue management decisions.
What elements and influences should you consider when making your hotel forecast? What could affect the pick-up and booking trends of your hotel? Important question to be answered in order to have a solid revenue management strategy.
How can you control the impact of high demand days on should dates? What kind of stay restrictions should be implemented? How san I use my systems to gather data to help me make better revenue management decisions? What revenue management action steps to take so you answer these questions easily...
A few months ago we wrote an article stating that the hotel franchise model is dead. Looking at the innovation of the last year in online marketing and distribution we can take this statement a bit further. 2010 will be the year of the independent hotel and direct sales!
How far in advance can you identify future fully booked days? Booking patterns are key in revenue management. Stay controls can help you build the shoulder days. This is where your revenue potential is.